First-time buyers, repeat buyers, homeowners looking to refinance—anyone who can meet the minimum program requirements is eligible for an FHA loan. Here are some great reasons to consider an FHA loan. Low down payment: Borrowers may only need a 3.5% down payment, rather than the 10% or even 20% you may have heard you need. This […]
Rates are creeping higher, but they’re still near record lows. Consider these tips if you’re a potential homebuyer. Save for a down payment Although a 20% down payment on a mortgage is ideal, it’s not mandatory. Many lenders expect buyers to put down at least 3%, aside from the Federal Housing Administration, which requires a […]
Here are some practical things to consider when getting a home loan. Say NO to “easy money.” Beware if someone claims that your “credit problems won’t affect the interest rate.” If an offer is really appealing, get it in writing and then seek a second opinion. Shop around. Always talk to several lenders to find […]
Whether you are a first time buyer or experienced in real estate, when considering buying a home you should always be prepared. A checklist of necessary tasks could prove invaluable to you. Consider these things before purchasing your first (or next) home! Price Is it reasonably within your price range? Location Is the location of […]
Getting approved for a loan and purchasing a home can be a difficult ordeal for anyone, but this is especially true for people who are self-employed. Although it can seem impossible, preparation can make all the difference. Can You Verify Your Income? You will need some documentation to verify your income. Your last two income […]
When you’re nearing the time to buy a home, you probably have a lot of questions. The housing marketing is steadily improving, and this signals a great time to buy. If you’re not sure if it’s the right time, ask yourself the following questions: Where Are You Now? Many things about your current lifestyle and […]
When it comes to purchasing a home, myths and urban legends abound. Get your mortgage facts straight. Here are some common misconceptions about that crucial first step to owning your own home: You Need Perfect Credit The idea that you need a spotless credit history to own your own home is common. It is true […]
If you’re looking to buy a home, you want to pick the right location. The United States is an enormous country, with diversity in both population and climate. If you’re not sure where you want to settle down, consider these cities: Philadelphia. Philadelphia home prices have remained steady through the shifting market. A historic city, […]